New Delhi, March 12 (IANS). The last date for submission of advance tax is March 15. The taxpayers whose estimated tax liability exceeds Rs 10,000 in a financial year has to pay advance tax.
Advance tax is paid in four different installments during the financial year. The taxpayer has to pay the first installment of advance tax on June 15, in which 15 percent of the estimated tax is to be paid. After this, a second installment has to be given on September 15, in which at least 45 percent advance tax is to be paid.
Apart from this, the third installment of advance tax has to be paid on December 15. Under this, at least 75 percent of the estimated tax is to be paid. At the same time, the last installment has to be paid on 15 March. In this, the taxpayer has to pay at least 90 percent of its estimated tax liability.
Additionally, the individuals whose salary is cut by the employer by the employer and the additional source of income. They also have to pay advance tax.
At the same time, selling property, shares, mutual funds and other properties, selling a property between March 15 to March 31, or the NRIs who have an income source in India also have to pay advance tax.
If you come under the advance of advance tax and you have not paid 90 percent advance tax till 31 March, then you have to pay one percent monthly fine on the outstanding tax until submitting ITR from April 1.
To submit advance tax, you have to visit the Income Tax Department website. There you have to click on e-pay tax.
Here you have to enter your PAN number and Aadhaar-Pan linked mobile number.
After logging in, you have to select the assessment year 2025-26. Select advance tax in its type of payment and click on Continue.
Now fill your amount and pay. You can pay advance tax from net banking, debit card/ credit card and UPI.
After this, your challan will be generated, which you will need to fill the ITR.
-IANS
ABS/CBT
